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[Congressional Bills 118th Congress]
[From the U.S. Government Publishing Office]
[S. 3914 Introduced in Senate (IS)]

<DOC>

118th CONGRESS
  2d Session
                                S. 3914

To increase the supply of, and lower rents for, affordable housing and 
 to assess calculations of area median income for purposes of Federal 
         low-income housing assistance, and for other purposes.

_______________________________________________________________________

                   IN THE SENATE OF THE UNITED STATES

                             March 12, 2024

Mrs. Gillibrand introduced the following bill; which was read twice and 
    referred to the Committee on Banking, Housing, and Urban Affairs

_______________________________________________________________________

                                 A BILL

 
To increase the supply of, and lower rents for, affordable housing and 
 to assess calculations of area median income for purposes of Federal 
         low-income housing assistance, and for other purposes.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Affordable Housing and Area Median 
Income Fairness Act of 2024''.

SEC. 2. DEFINITIONS.

    In this Act:
            (1) Area median income.--The term ``area median income'' 
        means median income for an area, as such term is used in 
        section 3(b) of the United States Housing Act of 1937 (42 
        U.S.C. 1437a(b)), median family income, and any other 
        substantively similar metric that the Secretary uses to refer 
        to the median income level for a given area or jurisdiction for 
        purposes of any program administered by the Secretary.
            (2) High housing cost adjustment.--The term ``high housing 
        cost adjustment'' means an adjustment for high housing costs or 
        high construction costs, or any substantively similar 
        adjustment that the Secretary may use to increase income limits 
        for areas where the cost of housing is abnormally high compared 
        to the median income for such area, for purposes of any program 
        administered by the Secretary.
            (3) Secretary.--The term ``Secretary'' means the Secretary 
        of Housing and Urban Development.

SEC. 3. URGENT SUPPORT FOR AFFORDABLE HOUSING INFRASTRUCTURE.

    (a) Home Investment Partnerships Program.--
            (1) Authorization of appropriations.--There is authorized 
        to be appropriated to carry out title II of the Cranston-
        Gonzalez National Affordable Housing Act (42 U.S.C. 1721 et 
        seq.) $5,000,000,000 for each of fiscal years 2025 through 
        2034.
            (2) Limitation.--Any amounts appropriated pursuant to 
        paragraph (1) shall be used only for assistance for any area 
        within a jurisdiction for which the Secretary has applied a 
        high housing cost adjustment.
    (b)  Community Development Block Grants.--
            (1) Authorization of appropriations.--There is authorized 
        to be appropriated for community development block grant 
        assistance under section 106 of the Housing and Community 
        Development Act of 1974 (42 U.S.C. 5306) $5,000,000,000 for 
        each of fiscal years 2025 through 2034.
            (2) Limitation.--Any amounts appropriated pursuant to 
        paragraph (1) shall be used only for assistance for any area 
        within a jurisdiction for which the Secretary has applied a 
        high housing cost adjustment.
    (c)  Housing Trust Fund.--
            (1) Authorization of appropriations.--There is authorized 
        to be appropriated to the Housing Trust Fund established under 
        section 1338(a) of the Federal Housing Enterprises Financial 
        Safety and Soundness Act of 1992 (12 U.S.C. 4568(a)) 
        $5,000,000,000 for each of fiscal years 2025 through 2034.
            (2) Limitation.--Any amounts appropriated pursuant to 
        paragraph (1) shall be used only for assistance for any area 
        within a jurisdiction for which the Secretary has applied a 
        high housing cost adjustment.

SEC. 4. ASSESSMENT REGARDING OPTIMIZING USE OF AREA MEDIAN INCOME TO 
              SUPPORT AFFORDABLE HOUSING IN URBAN AREAS.

    (a) Assessment of Alternative Calculation Methods.--Not later than 
180 days after the date of enactment of this Act, the Secretary shall 
commence an assessment of alternative methods for calculating area 
median income, and the use of alternative metrics, for programs 
administered by the Secretary that would make housing more affordable 
for low-income families residing in urban areas across the United 
States, which shall include analysis of the topics identified in 
subsection (b).
    (b) Report.--Not later than 2 years after the date of enactment of 
this Act, the Secretary shall submit to the Committee on Banking, 
Housing, and Urban Affairs of the Senate and the Committee on Financial 
Services of the House of Representatives, and make publicly available, 
a report setting forth the results of the assessment conducted pursuant 
to subsection (a), which shall include--
            (1) a review and summarization of significant findings and 
        recommendations from any related previous reports regarding 
        area median income;
            (2) an assessment of the extent and impacts of the 
        affordable housing crisis in urban areas across the United 
        States, particularly within jurisdictions for which the 
        Secretary has applied a high housing cost adjustment, including 
        a comparison of rent burdens for very low-income households in 
        jurisdictions with and without high housing cost adjustments;
            (3) an analysis and assessment of the effects that high 
        housing cost adjustments have had on income limits and rent 
        prices in jurisdictions for which the Secretary has applied 
        such an adjustment, including any effects on maximum rents 
        allowed under sections 42 and 142 of the Internal Revenue Code 
        of 1986 for tax-subsidized units;
            (4) an updated assessment of the potential impacts to 
        affordable housing, particularly on income limits and rent 
        prices, of calculating area median income on a ZIP Code-level 
        basis and using other localized methodologies;
            (5) a process through which State housing authorities may 
        designate area median income jurisdictions within that State;
            (6) an assessment of alternative metrics to area median 
        income for the purposes of setting income levels and related 
        thresholds for affordable housing programs administered by the 
        Secretary;
            (7) recommendations for how the Secretary could reform or 
        eliminate use of area median income for the purposes of making 
        housing more affordable for low-income and middle class 
        families in urban areas;
            (8) any further recommendations for how the Secretary could 
        use existing authorities to make housing more affordable for 
        low-income and middle class families in urban areas, 
        particularly for such families for which the Secretary has 
        applied a high housing cost adjustment; and
            (9) an assessment of the impacts that Westchester and 
        Rockland Counties in New York State have on the City of New 
        York's area median income, related metrics, and affordable 
        housing supply, including on income limits and maximum rent 
        prices for affordable housing units within the jurisdiction of 
        the City of New York.
    (c) Methodology.--Not later than 45 days after the date of 
enactment of this Act, the Secretary shall submit to the Committee on 
Banking, Housing, and Urban Affairs of the Senate and the Committee on 
Financial Services of the House of Representatives a report describing 
the methodology that will be used to conduct the assessment under this 
section.
                                 <all>
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